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News release

RALEIGH, NC

JLL Secures Raleigh Building for LGFCU

To accommodate growth for LGFCU, JLL negotiated an office building purchase at 3600 Wake Forest Road


RALEIGH, May 1, 2014 – JLL’s Raleigh –based Tenant Representation group announced today that it has completed a 98,780 square-foot office purchase in Raleigh for Local Government Federal Credit Union (LGFCU), a not-for-profit financial cooperative. 

LGFCU has experienced steady growth over the last few years and requires office space in addition to its headquarters facility at 323 West Jones Street in Downtown Raleigh.  To accommodate the need, JLL negotiated the purchase of the 98,780 square-foot office building at 3600 Wake Forest Road in Raleigh for $6.8 million.  LGFCU intends to occupy the building for its own use over the next few years.  The building is currently a Class B facility, but LGFCU is planning to make a significant financial commitment to make renovations that will upgrade the building to Class A condition.  Michael Morgan, Managing Director for JLL’s Tenant Representation group, represented the buyer throughout the transaction. Justin Dauncey, Project Manager for JLL’s Project and Development Services group, will manage the building renovations and site improvements for LGFCU.

“LGFCU was evaluating an office build-to-suit project in Downtown Raleigh when the opportunity to purchase 3600 Wake Forest came up,” Morgan said.  “Although the facility had a number of outdated features, the foundation, structure and general condition were in good shape.  It became apparent that buying the facility and renovating it would be economically beneficial when compared to the cost for new construction.”

“When we realized the Quorum Center could no longer support our long-term growth projections and needs, we turned to Michael Morgan to help find a suitable solution,” stated Mark Caverly, LGFCU’s Executive Vice President. “Michael’s expertise and input helped us quickly realize the project we had in mind in Downtown Raleigh was not in the best interests of the Credit Union and its membership. The 3600 Wake Forest property is truly a ‘diamond in the rough’, and should enable us to grow well into the future as we seek to enhance our product and service offerings for our members. We’re excited about working with JLL on the next phase of the project as we seek to turn the property into a Class A environment.”

About LGFCU
Local Government Federal Credit Union (LGFCU) is a not-for-profit, member-owned financial cooperative established to serve the financial needs of local government employees, elected officials, volunteers and their families. For further information, visit www.lgfcu.org.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.